Mihály Varga

Minister of Finance

Ministry of Finance

Economic weight of Visegrád countries could further gain in strength

April 26, 2019 11:22 AM

Hungary and Central and Eastern Europe are the engine of the continent’s growth, and therefore companies from the Far East, too, are bringing more and more investments to this region, Finance Minister Mihály Varga stated at a press conference held in Pozsony (Bratislava) after a meeting of the Prime Ministers of the Visegrád Group and Japan.

The Finance Minister stressed that by strengthening the cooperation between the Visegrád countries and Japan, we are connecting together two advanced and rapidly growing regions of the world economy which could further enhance our region’s economic stability and role in the European Union.

The Minister highlighted that the European Union and Japan are strategic partners and allies in many respects, and a number of cooperation schemes could start between our countries in the fields of science, research and innovation. He said we believe it is an important result that Japan and the European Union entered into a Strategic Partnership Agreement and a trade deal which connects together the world’s two highest performing economic regions. The free trade agreement will convey significant economic benefits for both parties, will expand trade and investments, will boost economic growth, and will also increase employment.

Regarding relations between Hungary and Japan, Mr Varga said that Japanese companies operating in Hungary had played an important role in the economic results which Hungary had achieved in recent years. The Minister added that the Far East island state is the most important Asian investor in Hungary, more than 160 businesses with Japanese interests operate in Hungary. The Hungarian economy offers investors a growth rate three times above the EU average, an improving business environment and ever lower taxes, all of which combined attracts further Japanese investments to Hungary, the Minister pointed out.

He said during the meeting the parties agreed that, in addition to the development of cooperation among our countries, a joint response to global challenges is also a common interest. We agree with Japan that the migration crisis can be resolved through the comprehensive protection of external borders and assistance provided on the ground, rather than by supporting immigration.